re: Did My Sister Get Ripped Off (Home Purchase)

If they like the house, they can afford it, and it comes back for at least $97,000 then they didn't get ripped off at all. Now if it comes back for less than $97,000 then they will have to go back to the drawing board with the seller (or put more money down) depending on the mortgage they have been approved for.

I have a contract on a house now for 175k with them paying 5k in closing. 175k was full asking price except that they lowered it from 180k about 2 weeks earlier. I did not want to lowball them too much. I believe that it was a fair deal to both parties. Also, it came back appraised for 177k.

Sure I could've found "a better deal" on another house where I had extra equity built up. But I couldn't have found a house that I liked more within our price range that was that immaculately maintained. Not having to do thousands upon thousands in home improvements is worth alot to me. And that house was not going to stay on the market much longer.

On this board you will get comments about how stupid her deal was and how stupid my deal was. But as long as she is happy with it and is not paying more than appraisal value then she did not get ripped off.